Hyperliquid, a decentralized finance (DeFi) protocol, held one of the largest airdrops in history with its genesis event on November 29. A total of 310 million HYPE tokens were distributed.

Initially valued at $3.90, the HYPE token increased by 63% in 12 hours to $6.16. Its market value is approaching $2 billion.

The HYPE token plays a central role in the Hyperliquid ecosystem. 31% of the total supply has been distributed, with the rest set aside for future rewards and contributions.